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Adoption of a newly launched software product in the market by innovation diffusion modelling

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Anchal A., Majumder A., Goel P., Adhikari M. S.
Operations Research and Decisions
|
2024
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vol. 34
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issue 4
31-52
EN
The growing significance of software upgrades is one of the most intriguing and pertinent market trends of the last few years. Fierce competition on a worldwide scale combined with the ever-changing environment has rendered software products outdated. During a program’s early stages, increasing efforts are made to increase overall performance before its inherent performance limit is reached. To characterize the process of awareness, appraisal, and decision-making, mathematical models with step structures are presented. The first step is to present a system of ordinary differential equations that includes both the awareness and decision-making stages. Furthermore, it is demonstrated that if the adoption rate is strongly nonlinear, then although there exists a stable equilibrium, it is not a global attractor. It is shown that the system has bifurcation points. The direction of equilibrium bifurcation is also explored.
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